I got this gun back in 2005, when my uncle passed away. It was in really rough shape with quite a bit of pitting on the outside and the end of the barrel looked like it had been cut off with a bolt cutter. However, the inside of the barrel really didn't look bad. So I figured it might be worth saving as a shooter. There is a whole post somewhere with my adventures getting it straightened around so I won't go into that now. So, long story short, right before thanksgiving, I took it to the range with some rounds that I'd loaded up to see if it would shoot without blowing up. and it did. and pretty darn well.
All of the bullets I used, were from Montana bullet works. Its the RCBS 82024 FNGC bullet sized to .322. That bullet is really for the 32WS, but it was the only one that had a gas check and I've heard from others that it works well in the 32-40 as well. Since the crimp groove is in the wrong place for the 32-40, I just seated all of the bullets down to the max length of 2.50 inches and crimped them good with the lee factory crimp die (that was special made for this caliber). I weighed the bullets and they turned out to be 183 grains. I used new winchester 32-40 brass and cci primers.
I first tried 16 grains of 5744. Those shot fine and read about 1350 through the chrony. Next was 17 grains of 5744 - still good and went through a little over 1500fps. Finally I had loaded some with 18 grains which still shot fine - no pressure signs and shot 1577fps (that's just over 1000 ft/lbs). Accurate arms' literature says you can go up to 20 grains with a 170 grain bullet, but I don't know if I want to go any higher with this heavier bullet - 18 should do the job.
I also loaded some up with 24 grains of 3031 and those shot well as well and ran about 1550fps. I loaded one round with 25 grains of 3031, but decided not to try it that day. Again sources say 26 grains is max with a 170 grain bullet, but 25 grains filled the case completely to the base of that long lead bullet, and I wasn't feeling brave. I might back down and try some at 24.5 first. Although 24 grains is probably plenty.
I didn't really shoot for groups that day as I was just seeing if the gun would shoot at all and if my loads would shoot on the paper. At the end, I had 5 rounds left with 16 grains of 5744, so I shot them all into a group at 50 yards - and from a not super steady rest and with open sights I put 5 rounds into a very nice little group probably around an inch or so and certainly less than 2".
So this gun will work fine for deer I believe, ugly or not.


Here is a pic of the gun to show the pitting on the outside. The bore has been lapped and the muzzle now has a nice crown and is as bright and shiny as can be, and seems to shoot these lead pills nicely. Oh yeah, the barrel was originally 26" but is now 20" - so the velocities above are from a 20" barrel.
Disclaimer - my rifle was made in 1925 and does have the nickle steel marking on the underside of the barrel - so these loads are fine in my gun, but may be too strong for rifles with the softer steel they commonly used in the 32-40 and 38-55.